Calls for a review of the property price cap of $600k in the NT under the 5pc deposit scheme after rapid growth in Darwin house prices
Cotality’s Research Director Tim Lawless says Darwin is leading the charge in house price growth, recording a 6 per cent increase in the September quarter, which equates to about $31,000.
He told Katie Woolf it’s due to the drop in interest rates, a low number of house listings, strong buyer demand and interest from investors and the affordability of the market.
Mr Lawless expects first home buyers will be keen to access the Federal Government’s 5 per cent deposit scheme but says only 27 per cent of Darwin suburbs have a median value of $600,000 which is property price cap under the scheme.
He says it will be a case of first in, best dressed and is calling on the Federal Government to review the price cap for the NT.
Image: “First Time Home Buyer” by Alachua County is licensed under CC BY 2.0.
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